BlackRock moves towards an Ethereum staking ETF with new Delaware trust

BlackRock has set up a new Delaware trust that could open the door to a staking-based Ethereum exchange-traded fund.

BlackRock has taken another step into Ethereum’s staking ecosystem by registering the iShares Staked Ethereum Trust ETF as a new statutory trust in Delaware.

Records from the Delaware Division of Corporations show the trust was officially formed through a filing on Nov. 19. 

A new setup for a staking-focused ETH product

While the listing does not include product documentation, the entity record is publicly available through the state’s search portal. Daniel Schweiger, a Wilmington-based BlackRock managing director who oversaw the registration of the iShares Ethereum Trust in late 2023, handled the filing.

The new trust was registered under the Securities Act of 1933, which requires detailed disclosures before a product can be offered to the public.

This step is a foundation, not a full Securities and Exchange Commission submission. BlackRock would still need to file a Form S-1 with the U.S. SEC. The firm has not shared a timeline and declined to comment when asked by reporters.

Delaware is a common home for U.S. financial entities due to its business laws and corporate system. Many ETF issuers choose the state for early-stage registrations, and BlackRock often uses the same approach when preparing new products.

How it fits into BlackRock’s ETF strategy

The new trust sits alongside ETHA, BlackRock’s spot Ethereum (ETH) ETF launched in July 2024. ETHA has drawn more than $13 billion in inflows and does not stake its ETH.

In July 2025, Nasdaq filed a Form 19b-4 to allow ETHA to stake ETH with approved validators. In addition to addressing concerns like custody, slashing penalties, and liquidity when unstaking, that update would allow the fund to earn staking rewards. 

Annual rewards from Ethereum staking usually fall between 3-5%. Issuers proposing staking features must explain how they choose validators, how rewards are tracked, and how they handle locked ETH. These points are central in SEC reviews.

Momentum across the ETF market

BlackRock’s move fits into a wave of new staking-focused ETF developments. Grayscale received approval in October 2025 to add staking to ETHE and its Mini Trust ETF, becoming the first 1933 Act Ethereum funds allowed to earn rewards.

Other firms like Fidelity, 21Shares, Franklin Templeton, and REX-Osprey have filed similar updates. REX-Osprey already offers a staked Solana (SOL) ETF and introduced a staked ETH version in September.

BlackRock’s head of digital assets, Robert Mitchnick, said in a Nov. 19 interview that staking features could draw $10–20 billion in new capital by mid-2026. ETF analysts expect new staking products to lock up a meaningful share of ETH, which could shape market liquidity and long-term supply.

Attention now turns to BlackRock’s possible S-1 filing, which would mark the next step toward a yield-bearing Ethereum ETF.